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Managers make decisions to obtain the desired outcomes under risk, uncertainty, and resource constraints (time, people, money).
They rely on experience, intuition, creativity, and cooperation, often enhancing these with data-based insights and experiments.
Yet all these components are prone to hidden traps, systematic mistakes, narrow perspectives and manipulations, which lead to losses and shortfalls.
Only by acknowledging this issue can managers make wiser decisions.
Not knowing when to trust and doubt intuition
Failing to prioritize and delegate decisions
Learning the wrong insights from data
Being influenced by irrelevant factors
Solving the wrong problem
Relying on readily available options
Underestimating rare threats
Overestimating control over opportunities
Not harnessing the advantages of groups
Failing to predict and manage others’ decisions
A recent McKinsey Global Survey on managers revealed that "only 20 percent say their organizations excel at decision making. [...] On average, respondents spend 37 percent of their time making decisions, and more than half of this time was thought to be spent ineffectively.
For managers at an average Fortune 500 company, this could translate into more than 530,000 days of lost working time and roughly $250 million of wasted labor costs per year." And this is without considering the losses due to faulty decisions that involve lost opportunities, wrong investments, and neglected preventions.
SOYER Decision Advisory offers talks, workshops, and consultancy projects based on scientific strategies and methods to reduce errors and increase insights in decision making.
Save time, money, and effort by refining decision processes to improve profitability.
Better predict and influence customer and employee decisions.
Differentiate between which decision advice is relevant and applicable, and which is not.
Sustain growth by reducing mistakes in judgments and boosting valuable insights.
Build resilience to crises by adapting to uncertainty and improving problem solving.
Enhance decision synergies across different levels and departments of the organization.
Increased efficiency. Correctly judging the importance of decisions leads to effective resource management and an improved bottom line.
Higher ROI. Better understanding what makes the difference between success and failure leads to reliable investments, securing future profits.
Engaged workforce. Optimal use of employees to gain actionable insights, reduce turnover, prevent crises, and seize opportunities.
Wiser growth. The benefits of skilled decision makers (revenue, brand building, etc.) grows exponentially, while costs remain linear, ensuring sustained profits.
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